In the report, Cassidy Turley argues the shifting real estate market in downtown Baltimore has necessitated a new look at the CBD, which traditionally has been considered an area stretching several blocks north from Pratt Street. As long-vacant downtown office buildings become apartment complexes and office workers migrate toward the waterfront, it makes little sense to ignore those trends.

So why does the CBD boundary — which is a mere unofficial designation — matter? According to Cassidy Turley, an expanded CBD boundary would provide a more accurate — and rosier — picture of the commercial real estate landscape in downtown Baltimore.

Here's why. When Cassidy Turley drew a CBD map that included Harbor East and Harbor Point, it shifted 1.75 million square feet of office inventory from the city's Southeast submarket to the CBD. Because office buildings near the waterfront have higher occupancy rates, the expanded boundary lowers the CBD office vacancy rate from 22.2 percent to 20.3 percent.

In addition to redrawn CBD boundaries, Cassidy Turley identified more than 1 million square feet of office space that is considered Class A — 100 S. Charles St., 2 Hopkins Plaza, 120 W. Fayette St. and 100 N. Charles St. — that should be changed to Class B.

The combination of those changes would mean Baltimore's CBD has a 17.5 percent Class A office vacancy rate (down from 21.3 percent) and a 24.1 percent Class B vacancy rate (up from 23.7 percent).

While this report doesn't include any magic elixir to fill vacant buildings in the traditional CBD, it points out two things: Many of those buildings are being converted to apartments, and the city has thriving office buildings that tend to be ignored in discussions about the city's office market.

Regardless of the traditional CBD, the city's office market has moved on to other areas. Cassidy Turley's report acknowledges that fact.